(1)
- (a) A bail bond agency that pledges the assets of a letter of credit from a Utah depository institution in connection with a judicial proceeding shall maintain an irrevocable letter of credit with a minimum face value of $300,000 assigned to the state from a Utah depository institution.
- (b) Notwithstanding Subsection (1)(a), a bail bond agency described in Subsection (1)(a) that is licensed under this chapter on or before December 31, 1999, shall maintain an irrevocable letter of credit with a minimum face value of $250,000 assigned to the state from a Utah depository institution.
(2)
(a) A bail bond agency that pledges personal or real property, or both, as security for a bail bond in connection with a judicial proceeding shall maintain a verified financial statement for the bail bond agency's immediately preceding fiscal year:
- (i) reviewed by a certified public accountant; and
(ii) showing a minimum net worth of:
- (A) $300,000, at least $100,000 of which is in liquid assets; or
- (B) if the bail bond agency is licensed under this chapter on or before December 31, 1999, $250,000, at least $50,000 of which is in liquid assets.
- (b) For purposes of this Subsection (2), only real or personal property located in Utah may be included in the net worth of the bail bond agency.
(3) A bail bond agency shall maintain a qualifying power of attorney issued by a surety insurer if:
- (a) the bail bond agency is the agent of the surety insurer; and
(b) the surety insurer:
- (i) sells bail bonds;
- (ii) is in good standing in its state of domicile; and
- (iii) is granted a certificate to write bail bonds in Utah.
- (4) The commissioner may revoke the license of a bail bond agency that fails to maintain the minimum financial requirements required under this section.
- (5) The commissioner may set by rule the limits on the aggregate amounts of bail bonds issued by a bail bond agency.
Amended by Chapter 198, 2022 General Session